As new government policies start to go into effect in Washington D.C., entrepreneurs need to be aware of what these policies for their businesses. 
For the past several years, the U.S. has experienced an economic growth rate of (on average) about 2% of GDP (Gross Domestic Product). There are some reasons to believe this growth rate may increase in 2017 and beyond, thus sparking an increase in risk-taking and entrepreneurship.
Here are some specific policy reforms that may impact the economic and business climate, all of which the new administration has pledged to work toward in its first 100 days:
Repeal and Replace the Affordable Care Act (a.k.a. Obamacare): One of the central issues of the campaign was the future of the Affordable Care Act. In numerous states, the public exchanges are struggling to stay solvent, and it is widely believed that reforms are in order. Modifying, repealing, and/or replacing the ACA will require an act of Congress, so the final result of such legislation is unclear. That said, one of the promised changes that may impact businesses is eliminating the employer mandate, the requirement that firms with 50 or more employees to provide health insurance to all full-time employees.
A New Direction with Energy: During the past 8 years, there have been restrictions on offshore drilling and drilling on most federal lands. This is expected to change almost immediately. By executive order, the new administration can open millions of acres of federal land to hydraulic fracture drilling (a.k.a. fracking), with the goal of creating hundreds of thousands of new jobs and making America energy independent. Immediate approval of the Keystone XL Pipeline is also expected.
Reduced Government Regulations: One of the common complaints businesses have is the burdensome regulations they must comply with in order to remain in operation. The new administration plans to review all existing government regulations and eliminate those that they deem unnecessary and/or outdated. In addition, going forward, in order to add a new government regulation, they will require that two existing regulations be eliminated. Since most regulations have been imposed over the years by executive order, it should not require an act of Congress to remove them.
Tax Reduction and Simplification: A tax reform bill will be one of the first pieces of legislation introduced in the new Congress. Under the plan, the new administration would like to reduce middle class taxes by 35%, and reduce the corporate income tax rate from 35% to 15%. These reductions are intended to provide consumers more disposable income and spur investment in new businesses.
If these and other reforms are implemented, there is a potential for economic growth of 4% (of GDP) or higher in the years to come. If this occurs, it will create strong conditions for aspiring entrepreneurs. If you have been looking to start your own business or purchase an existing one, now may be an ideal time to consider this option more seriously. The best place to start is to speak with a business intermediary, who can show you a list of available businesses in your area, and help match you with the one that best suits your passion, skills and budget.
